The automotive gears market has demonstrated robust growth, expanding from $37.68 billion in 2023 to $40.64 billion in 2024, registering a compound annual growth rate (CAGR) of 7.9%. This growth in the historical period is attributed to factors such as the impact of the industrial revolution on machinery demand, the evolution of the automotive industry, innovations in gear design and materials, and the influence of world wars on automotive manufacturing, coupled with the rise of mass production techniques. Projections for 2028 indicate a continued upward trajectory, with the market size expected to reach $53.95 billion at a CAGR of 7.3%. The growth in the forecast period is tied to regulatory shifts and emissions standards, the adoption of advanced manufacturing techniques, global economic growth, the expansion of vehicle production, the rise of electric mobility, and the increased use of lightweight and high-strength materials. Key trends during this period encompass a growing demand for compact and efficient gears, a transition to electrification, advancements in gearbox technology, a heightened focus on fuel efficiency and emissions reduction, and the incorporation of advanced materials.
Major Driver In The Automotive Gears Market
Increasing vehicle production is expected to propel the growth of the automotive gears market. With the rise in vehicle production, the demand for automotive gears will increase as it provides enhanced product durability and vehicle fuel efficiency. For instance, according to IBEF (India Brand Equity Foundation), an Indian Government export promotion agency, by 2026, the Indian automobile sector (including component production) is predicted to be worth between $251.4 and $282.8 billion. After recovering from the effects of the COVID-19 pandemic, the Indian auto sector is predicted to rise rapidly in 2021-22. Therefore, an increase in vehicle production drives the growth of automotive gears market.
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Automotive Gears Market Competitive Landscape
Mitsubishi Corp., Robert Bosch GmbH, ZF Friedrichshafen AG, Eaton Corporation plc, DuPont de Nemours, Inc., Dynamatic Technologies Limited, Dana Holding Corporation, NSK Ltd., Linamar Corporation, American Axle & Manufacturing Holdings Inc., Universal Auto Gears LLP, Altra Industrial Motion Corporation, Gleason Corporation, Univance Corporation, Neapco Inc., Franz Morat Group, Amtech International Inc., Bharat Gears Limited, IMS Gear SE & Co. KGaA, RSB Transmissions Ltd., Framo Morat GmbH & Co. KG, Precipart Group Inc., Cone Drive Operations Inc., Taiwan United Gear Co. Ltd., Atlanta Gear Works Inc., Tracey Gear & Precision Shaft Inc., Showa Corporation, B.D. Industries (India) Pvt. Ltd., GKN plc
Key Automotive Gears Market Trend
As the automotive gears market expands, new developing trends in the sector are emerging to keep up with the technological advancements surrounding the market. For instance, in 2021 Swiss gear technology company, Humbel's high-precision gear technology, one of the leading innovations in gearboxes and transmissions, designed prototyping for individual special components like internal (ring gears) delivered in the form of flexible, fast, and reliable services that are used in things like e-axles and e-gears in E-automotive vehicles.
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Automotive Gears Market Segmentation
The automotive gears market covered in this report is segmented –
1) By Material Type: Non- Metallic Gears, Metallic Gears
2) By Vehicle: Passenger Car, Commercial Vehicles
3) By Product: Parallel Shaft Gears, Spur Gear, Helical Gear, Rack And Pinion Gear, Intersecting Shaft Gear, Bevel Gear, Skew Shaft Gear, Hypoid Gear, Worm Gear, Planetary Gears
4) By Application: Transmission System, Steering System, Differential System, Other System
By Geography:The regions covered in the automotive gears market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Asia-Pacific was the largest region in the automotive gears market in 2023.
The Automotive Gears Global Market Report 2024 furnishes information about the global automotive gears market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
